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Government spend increase sees boost in Saudi bank lending

Saudi banks are lending more as government spending boosts confidence in the country's economy, Bloomberg has reported. Ten out of 11 Saudi publicly-traded banks raised the value of their loan portfolios in the first nine months of the year, according to statements from the banks. Alinma Bank, an Islamic lender, had the largest increase at 75%. Bank Al-Jazira followed at 19%. Al Rajhi Bank, the largest lender by market value, and Bank AlBilad had a 12% increase each.